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ARE YOUR VALUABLE COLLECTIBLES AND ANTIQUES ADEQUATELY PROTECTED?

Many Americans have a passion for collecting costly antiquities, while others may simple inherent some valuable antiques from their relatives. Either way, these antiques are often not adequately protected under a typical homeowner’s insurance policy. Being inadequately insured could mean significant financial and emotional loss if something were to...

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SAVE MONEY BY AVOIDING THESE COSTLY INSURANCE MISTAKES

When it comes to purchasing insurance, fear is an important motivator. We are justified in our worries about protecting assets such as homes and automobiles, and we buy insurance to protect our financial integrity. Despite our best efforts, sometimes our insurance does not offer full financial protection. This is...

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KNOW THE FACTS TO HELP AVOID BEING A VICTIM OF AUTO THEFT

According to the FBI’s National Crime Information Center, one vehicle is stolen about every 25.5 seconds in the U.S., which amounts to a total of 1,235,226 stolen U.S. vehicles and upwards of 7.6 billion dollars in vehicle losses. Despite the tremendous expense involved when a car is stolen, many...

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TIPS TO PREVENT AND COMBAT RESIDENTIAL ELECTRICAL FIRES

Nearly every home in America has a powerful and primed source of fire at this very moment, and it’s called electricity. From overloaded outlets to dated or defective wiring, there’s likely to be at least one electrical fire hazard in some corner of your home. The United States Consumer...

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Workers’ Comp Claims for Mental Illness May Be Difficult to Diagnose, But Are Real in Today’s Workplace

When one thinks of workers’ compensation, images of workplace accidents and occupational diseases come to mind. Though the vast majority of workers’ compensation cases do involve claims for physical injuries and conditions, a small-but potentially growing-portion of workers’ compensation cases are based on mental or psychological claims, particularly related...

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Sarbanes-Oxley Act Changes Rules for Privately-Owned Businesses

Responding to a number of scandals involving fraud at publicly owned companies, the U.S. Congress in 2002 enacted a new law intended to make undetected fraud less likely to occur.  The law applies only to public companies, mainly those whose securities are registered in accordance with the Securities Exchange...

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Understanding the Role of Loss Mitigation Insurance

Loss Mitigation Insurance transfers an unknown or unwanted exposure from one company to an insurance company for a price. LMI caps what would otherwise be an unknown amount and is particularly effective if the company with the liability is in the process of merging or being acquired. Employers of...

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Managing Diversity – What An Employer Needs To Know

“Managing Diversity” is a critical human resources function for organizations large and small.  All too often, though, executives and managers lose sight of what diversity means from a legal and moral perspective, and the message then gets lost in the translation when it comes to the rank and file...

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Environmentally Friendly Insurance for Small Business

If you’ve ever considered owning a small business, or are considering owning one, you’ve probably heard all the usual advice.  Make sure you have enough capital.  Only let family run the cash register.  Don’t take in a partner without an ironclad contract.   Location, location, location. What you may not...

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Keeping Up with the Jones and the Longshore and Harbor Workers’ Compensation Act

Navigating the winding straits of various state workers’ compensation systems can be difficult to do for companies traversing state lines, but what if the company employs people at sea?  If your business employs dockworkers or seamen of any sort, there are two acts you should be aware of. The...

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Sarbanes Oxley – Making the Corporate Jungle Safer?

Depending on whom you talk to, the Sarbanes-Oxley Act of 2002 was either a panacea to cure the ailing stock market and restore trust in Corporate America or a shot to the bow of America’s capitalist vision.  Just what is Sarbanes-Oxley and whom does it affect? Sarbanes-Oxley is a...

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Intellectual Property Liability Is Everywhere – But Where Is The Coverage?

It seems as though virtually anything created can be patented, copyrighted, trademarked or otherwise protected.  Oddly enough, even with patent protection there is danger. It is easy to believe that if you hold a patent, copyright or trademark you cannot possibly infringe on someone else’s intellectual property – but...

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The Malpractice Cap: Order in the Court?

A few years ago, in a relatively small town in a quiet (not known for big lawsuits) area of the country, an Ob/Gyn (Obstetrics and Gynecology) doctor opened his new practice.  In helping the community while beginning to raise his family, he earned $300,000 in his second year.  Only...

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Miscellaneous Professional Liability – What It Is and Why It May Be Right For You

Miscellaneous Professional Liability (MPL) is a catch phrase in the insurance industry for a single, pliable product capable of contorting to the needs of a wide variety of professionals seeking coverage.  Because of its unique nature, MPL has come to mean different things to different people over the years. ...

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Umbrella Coverage: Protect Your Exposed Assets

There’s no doubt that we live in a litigious society.  Jury awards continue to bankrupt individuals and many small companies.  Some trial lawyers constantly search for deep pockets, and reach far and wide for defendants.  Underwriters continue to be amazed to find seemingly unconnected insureds “invited to the dance.”...

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E-conomy, E-mail, E-coverage?

As companies expand the use of the Internet as an everyday business tool, they open themselves up to additional risks, including online copyright infringements, computer viruses, Web site business interruptions, and more. These problems leave companies open for potentially devastating financial setbacks. Consequently, insurance companies are now offering policies...

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The ABCs of E&O Coverage

GL, PL, PI, BI, PD, K & R, EPLI, you name it.  The world of insurance can be a complicated maze of initials and acronyms, which are often seemingly used to confuse the insurance buyer.  Among the hodge-podge of acronyms, nicknames and “short-fors” are E & O and D...

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Liability Insurance: Hired and Non-Owned Auto Policies Provide Necessary Coverage

Non-owned auto coverage and hired auto coverage both provide coverage for you and your business in the event an employee is involved in an accident while working on your clock. But the similarities stop here. These different policies offer very different types of coverage, and it is important to...

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Understanding Directors and Officers (D&O) Liability Insurance

Directors and Officers Liability insurance, or D&O, covers corporate activities. Because a corporation is legally a person, as are the directors and officers who direct it, D&O serves to protect each from liability associated with various actions and inactions. But what happens when corporate interests differ from those of...

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Workers’ Compensation Is Necessary to Protect Businesses and Employees

Because workers’ compensation pays for medical expenses from on-the-job accidents and work-related injuries, it protects both the employer and the employee. In fact, most states require workers’ compensation for certain employer groups. In addition, as insurance agents we strongly recommend all employers carry this coverage (regardless of the number of employees)...

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What Factors Influence Malpractice Premiums?

According to a November 2005 article published in the Insurance Journal entitled, “How to Write the Diverse Business of Lawyers Professional Liability,” between $1.5 and $2 billion is spent annually on Professional Liability coverage. With numbers such as these, it is important that any firm in the market for...

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Worker Found Eligible for Compensation from Seizure Related Injury

In an August 2006 ruling, Connecticut’s Supreme Court ruled that the claimant in the case of Michael G. Blakeslee Jr. vs. Platt Brothers & Co, who was injured when co-workers tried to help during a seizure, is entitled to workers’ compensation benefits. Typically, workplace injuries caused by a seizure...

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Workers’ Comp Employer Costs Rose Faster Than Benefit Payments in 2004

According to a study released in July 2006 by the National Academy of Social Insurance, employer costs for workers’ compensation grew faster than combined cash and medical payments to injured workers in 2004, the most recent year for which data is available. Combined benefit payments for injured workers increased...

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What Should You Consider When Shopping for Lawyer’s Professional Liability Insurance?

Controlling expenses is an important consideration in the management of any law firm, so it isn’t unusual that a firm shopping for liability coverage would take premium rates into consideration. However, even though rates are important, they shouldn’t be the overriding factor in your decision to purchase a particular...

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Proper Maintenance Can Help Businesses Prevent Weather-Related Slips and Falls

It’s that time of the year when snow, sleet and ice are a fairly common occurrence in many parts of the country. Such weather conditions pose serious problems for business owners because walkways become slippery and increase the chances for employees and customers to fall. While you can’t control...

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